If your estate is worth more than the Inheritance Tax (IHT) threshold of £325,000 (or £650,000 for married couples and Civil Partners) it is likely that, when you die, your estate will be subject to IHT at 40%. One of the most straightforward ways to reduce the IHT liability, on your estate, is to give...
In September 2020, the government allowed Wills to be witnessed via a live video facility. With the ongoing Covid situation, the ruling has been extended until 2024. Under the ‘1837 Wills Act,’ two witnesses signatures are required in the physical presence of the Testator (the person making the Will). With people shielding, social distancing and...
Inheritance Tax (IHT) is a 40% tax, levied by the UK government, that is applied to your estate after you die. The allowance or ‘Nil Rate Band’ is £325,000 per person but there are a few other things to understand… There is no IHT to pay if your estate is below £325,000. However, its important...
Many believe estate planning is just for the wealthy. However, the reality is that effective estate planning is an essential part of managing your assets and final wishes whilst trying to ensure your family’s financial stability once you have passed on. Estate planning isn’t just for the elderly either. The fact is, you don’t have...
Well-done If your one of the 46% of the UK adult population that has taken the sensible step to put a Will in place. However, that isn’t the end of the matter. You need to review your Will every 5 years due to inevitable changes to , assets, estate and life in general. Of course,...
If you are one of the 46% of UK adults that have been sensible enough to put a Will in place you have taken the most important step to help secure the financial future of your loved ones. However, we can’t underline enough, the need for a ‘proper’ conversation with your family to talk about...
According to research and current figures, £15 billion of assets are lying in the unclaimed accounts of the deceased! This means that our loved ones may never receive cash and savings that could help to financially secure their futures and make a better life for their families. Known in law as ‘Bona Vacantia’ (ownerless goods)...
The move to an online, probate application system hasn’t been easy with well-publicised and inevitable probate application delays. If that wasn’t enough, HM Courts & Tribunal Service (HMCTS) are still the subject of a government consultation where a proposal has been put forward to bring in a new flat rate fee of £273. This marks...
The terms ‘Will’ and ‘Trust’ are often confused. Whilst many people tend to know that they both have something to do with giving your assets to others, they are very different and serve different purposes. However, that’s not to say that the two are linked and complement each other. A Will First and foremost, everybody...
Inheritance hunters, exploiting older, vulnerable people is on the increase according to charities such as ‘Age UK.’ The issue hasn’t gone unnoticed by Labour MP Fabian Hamilton who is currently lobbying for changes to the law to help combat such exploitation. Inheritance hunters are people who seek out and exploit older people, often with dementia,...
